Egypt has received the first batch of the $35 billion funds pledged by the UAE to finance the multi billion-dollar development of the country’s Mediterranean coast known as Ras El-Hekma.

A portion of the financing has been sent through the Central Bank of Egypt, according to local media reports, quoting Egyptian President Abdel Fattah El Sisi. Another payment is set to be transferred on Friday.

Last Friday, Egypt signed a landmark investment deal with the UAE to develop a state-of-the art city in Ras Al-Hekma, located west of Alexandria on the North Coast. The agreement stipulated that Egypt would receive $15 billion within seven days, with the remaining $20 billion to be transferred within two months.

“The figures announced have been received yesterday, part of which was transferred to the Central Bank of Egypt today and the same amount it set to be delivered on Friday,” news site AhramOnline quoted the Egyptian president as saying.

The deal could boost the Egyptian pound, according to analysts. Oxford Economics expects the local currency to rise to 45 against the US dollar by the end of the year.

(Writing by Cleofe Maceda; editing by Seban Scaria)